Here is the update of my chart from last Saturday:





Last week's drop confirmed the big bearish ABCD from May 6th to May 13th. The minimum objective for the move off it hasn't been reached yet, so we should expect more downside in the coming week.
I'm thinking about the scenario of another zigzag ABCD right to the same downsloping line. It would alternate nicely with EXP ABCD from the beginning of the week and help to drive prices to 1.272 off the big ABCD.

Originally posted by jimkane

Careful here at the 72.50 area.

Not bad, Jim.

Now, watch 66.75 here. This is it. Two areas fighting each other. If it can't bounce off this area, it's in serious trouble, in my opinion.

Bearish tick ABCD. Let's see if it can overcome that and continue bouncing off this 66.75 area, or if the bigger area predominates.

So this tiny bearish ABCD that lasted 6 minutes was it for the move of your area ...

Yes, which is what I expected, given my bias is still down. But I can make use of areas nonetheless by seeing if they produce and initial reaction and then a reversal, or an initial reaction, a checkback, and then continuation. Reading the price action. And right now everything is as it should be.

Cash is closed. GLOBEX time coming. I can't wait to see what tonight brings. The new loan loss provisions for Spain, something we should have done instead of doing the exact opposite and marking to fantasy, may put a lot of downward pressure on Europe tonight. We'll see.

Looks like one more time all they could do after a steep decline was a robot driven sharp bounce that lasted several minutes and marked the high of the whole correction:

Yep. This has the potential to get crushed from here. The thing I notice most is how many bullish 'this is a buy' calls I see. The bulls are not only not scared, they are emboldened. This won't stop going down, I think, until all those bulls are as bearish as all get out. And we are a long ways from that. Oops, there's another new low for the move in after-cash.

And here is my longer term SPX set I presented here some time ago. Today's high was a no coincidence...

This now sits on a very key area for me. If they can't reverse it from here, that's a major clue. Notice it has given back essentially all of that crazy ramp up from yesterday afternoon. That also makes this a key spot, it gave all that back, but it needs to now start back up then, not giving back any more. If not, the bulls will be disgraced and lose all credibility. Do or die right here, bulls. You hear me? Do or die right now...

Great chartwork and comments today, jarek.

Originally posted by jimkane

... This won't stop going down, I think, until all those bulls are as bearish as all get out...

This won't happen before a clear break below February-May bottom. And once it happens we will have a very big bullish Kane ABCD of which our current bearish ABCD is only a BC leg

Jim I wish I was here also ,but was working. Jim maybe getting a private room where you can see who is actually in the room on a daily basis maybe better suited. At least then you can see who commits on a daily basis and for the ones that can't be there live for personal reasons(day Job, different time zone) can post charts at their leisure or per your request. They have software that a click of the mouse takes a screenshot and sends it directly to your room. As you usually point out with uncanny ability area after area, is it better to take a screen shot and point out the time frame you may see this on then describe it and have no response and only to refresh the forum a couple of minutes later with no response. Their can be rules in the room as if you make a comment and someone has a question but you are preoccupied with your own trading ,you flash a signal or icon saying you will answer when available. If you start to see the interaction is better and more questions arrive you may charge a fee. Your time and energy is money. I guess it is all what you want out of the forum and your members and how you want it structured. This is just my opinion to try to remedy some of the frustrating issues.